SAT Gives Four More Weeks To NSE, Others In Co-Location Case
The Securities Appellate Tribunal on Wednesday asked the National Stock Exchange and its ex-officials, including former Chief Executive Officer Chitra Ramkrishna, to file their rejoinders within four weeks in their plea against the market regulator that penalised them in the NSE co-location case.
The tribunal also fixed Nov. 27 as the date for the disposal of the case and said no further extension will be granted to anyone.
On April 30, Securities and Exchange Board of India had ordered NSE to disgorge Rs 1,000 crore including 12 percent interest, and had also asked Ramkrishna and three others to pay back 25 percent of their salaries for the period involving the scam between 2011 and 2014 that came to light in 2015.
NSE and the people punished challenged the order at the SAT on May 21.
The co-location case dates back to 2015, when a whistleblower wrote to SEBI alleging that NSE was giving a few high-frequency traders and brokers preferential access to its trading platform which benefited both the parties at the cost of others.
The whistleblower had alleged that some stockbrokers had figured out that the way to manipulate the system by becoming the first one to connect to the server—preferably the one which was the faster.